PCH, a privately held Irish company which designs custom manufacturing solutions for startup companies and with USA headquarters in San Francisco, has acquired the ecommerce website Fab.com for an undisclosed amount of cash and equity.
Tech Crunch had reported that that Fab was selling to PCH for around $15 million. Fab had raised $165 million at a $1 billion valuation just over a year ago!
In recent months, Fab has undergone significant restructuring to bring costs in line with sales, to stabilize operations, and to grow its core audience of urban professionals and design enthusiasts.
As part of the deal, 35 Fab employees – including engineers, merchants, graphic designers and marketers – will remain with the company. Fab founder and former CEO Jason Goldberg has stepped down as CEO and will not be involved with the business going forward. Renee Wong, general manager since May 2014, will continue to run day-to-day operations.
Key hires in merchandising and marketing will be added to supplement the experienced core team, and additional measures will be undertaken to grow the business and attract established and emerging designers. PCH will also explore forming a design advisory board and recruiting a creative director in residence.
“We are delighted to announce the acquisition of Fab,” said PCH Founder and CEO Liam Casey. “We love the brand, the customer experience, and the focus on lifestyle products. We see an opportunity to reinvigorate the Fab audience – keeping the current focus, and adding a variety of more distinct and exclusive goods from designers. And because Fab has a flexible and dynamic technology platform, we have a good foundation to test new selling modes that will excite customers.”
Ireland, Cork & USA, San Francisco, CA